Moody's downgrades Starbucks credit rating.

Moody's has placed Starbucks' credit rating on a negative watchlist, previously with a negative outlook. This move by Moody's to initiate a rating downgrade assessment is due to Starbucks' recent announcement that it has reached an agreement with Belibu Capital to establish a joint venture to operate Starbucks' retail business in the Chinese market. Moody's stated, "The core consideration of this rating downgrade assessment is that, depending on the specific use of funds, this transaction may delay the improvement process of Starbucks' credit indicators."